Oil hits record $72 on Iran fears

Oil surged to a record high above $72 on Tuesday on concern that Iran’s nuclear stand-off with the West could cut oil exports from the world’s fourth-largest crude exporter. In London, North Sea Brent crude oil jumped 74 cents to an all-time high of $72.20 a barrel as Iran and the West exchanged increasingly sharp words over the Islamic Republic’s determination to push ahead with a nuclear program. U.S. West Texas Intermediate crude oil hit a record $70.88, smashing through its end-August high of $70.85. Full Story

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